All Forum Posts by: Brian Boyd

No one needs an attorney until they do. With that nugget of ominous wisdom, you can find all the forms you need on the secretary of state's website. However, when you hire an attorney or a CPA, you are hiring a knowledge base about many things. As an attorney who practices in tax and real estate, I hire attorneys all the time if for no other reason than its always good to have some help and guidance in areas I may not be comfortable in. Do your research, ask questions and you can always come on BP and we will be happy to point you in the right direction. Good Luck and go for it!

@Alexis Monroe Hard Pass!!! That screams scam.

@Richard Fish irrespective of what state you reside, you have a duty to mitigate your damages by attempting to relet the property. If you make a good faith effort to mitigate and cannot relet, your current tenant is most likely going to be held liable for the remaining rent. Consult a local real estate attorney that can help you through the process.

1. Document all communications with your tenant;

2. Document all attempts to relet the property;

3. Don’t touch the last month’s rent or the security deposit until the matter is resolved with a judgment or settlement agreement

@Michael Elefante that’s fantastic!!!! Congratulations!

@Cheree Harris you would need to quit claim it to your LLC to get it on your books. But LLCs are pass through entities that will still show up on your Schedule C.

@Nam Trang I'm a lawyer and an investor. Set up an LLC- not through Legal Zoom or Rocket Lawyer since they simply charge you to use the state forms you can find on line. Go find a business lawyer and have an LLC set up with an operating agreement, your first set of resolutions and obtain your tax ID. Cheaping out on your investment protections could be far more expensive later on.

@Cheree Harris there is a lot of missing information to this situation but ultimately, it will hit a schedule C on your 1040. If you set up and LLC with a partner, you will file a 1065 and receive a K-1. That K-1 reports to your Schedule C.

We are in Nashville and have looked at Jackson. The potential there is very good.

That is an incredible story. Congrats on your hard earned success!

@Carrie Purkeypile we have LVP in our properties that are below B+, whether concrete or wood underfloor. It’s easy to maintain and easily repaired if needed.

Take the leap and see how it goes. It’s cost effective.